OREANDA-NEWS  A new structural subdivision — the Department for the Organization of International Settlements — was created at the Bank of Russia on February 15, 2023.

The Department will deal with issues that have become particularly relevant in the context of sanctions against Russia. Among them are the transition to settlements in national currencies, the development of correspondent relations between Russian banks and counterparties from friendly countries, as well as the expansion of opportunities for cross-border transactions.

The new department was headed by Mikhail Kovrigin, who was previously the director of the Department of Strategic Development of the Financial Market.

In addition, it was decided to establish the Department of Cooperation with International Organizations on the basis of the Department of International Cooperation from February 15, 2023, which in turn will be abolished by September 1, 2023.